Our London team were appointed Administrators to the UK operation of this US-based, respected market leader in back-office print solutions (in Chapter 11) with Group turnover of $180m. Referred by BGN member, Pluta (Interim Insolvency Trustee of the German intermediate holdco), we supported European sales/service operations, provided accounting/IT support across EMEA and disposed of most of the European business and assets as a going concern, which also enhanced UK debtor recoveries and overseas stock sales at cost plus. Recoveries continue: preferential creditors will be fully paid and unsecured creditors will receive a dividend. Sale of the service business is complete, reducing potential claims from ‘pre-paid’ customers.
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